Following his introduction of the Consumer Reporting Fairness Act last month, Senator Sherrod Brown (D-Ohio) this week urged federal government agencies to more closely monitor the selling of so-called "zombie debt" by financial institutions to debt collector.
Read More »Household Debt Outstanding Inches Upward While Delinquency Rates Are Improving
Delinquency rates improved overall in the first quarter of 2015, according to the New York Fed. At the end of Q1, about $679 billion of household debt was in some stage of delinquency (representing about 5.7 percent of outstanding debt), a decline from 6.0 percent reported at the end of the previous quarter.
Read More »AACER: Bankruptcy Filings Continue Five-Year Downward Trend in January
Nationwide bankruptcy filings dropped by more than 13 percent year-over-year in January, continuing a five-year trend, according to AACER bankruptcy data reported by Epiq Systems. The total number of bankruptcies filed in the United States for January was 59,037, marking the fifth January in a row that bankruptcy filings declined year-over-year. January's filing total represented a 13.5 percent decrease from January 2014, when 68,271 bankruptcies were filed, and a decline of 42.6 percent from their highest total for any January, which was 102,835 reached in January 2010.
Read More »AACER: Bankruptcy Filings End Up and Down Year With Slight Increase
Bankruptcy filings in the U.S. finished an up and down year with a slight month-over-month increase in December, but were down overall year-to-date, according to AACER bankruptcy data reported by Epiq Systems. The number of bankruptcy filings nationwide crept up from 62,417 in November to 63,090 in December, a 1 percent increase.
Read More »Judge Rules Wells Fargo, Citi Must Face Consumers’ Claims of Inaccurate Credit Reports
A federal judge earlier this week dismissed a bid by Wells Fargo Bank and Citigroup's mortgage unit to have a lawsuit against them thrown out accusing the lenders of violating federal law by inaccurately reporting information about short sales to credit agencies, subsequently hurting consumers' chances of obtaining loans.
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